@AliciaP1
So if I received K-1 for Partnership O with X, Y, and Z passthrough entities. I will create 4 K-1s in TurboTax under Partnership O. Fill Box 1-20 for Partnership O on first one and leave Box 20 code Z blank. If Partnership O does not have any income or loss, leave the screenshot I showed earlier all blank.
On the remaining 3 K-1s, I leave Box 1-19 blank. For Box 20, I only need to select code Z. Then, on the one for the passthrough entity X, I fill the Business Name with Partnership X and its EIN. On the next screen, "We need some information about your 199A income" I fill in the business income (loss), W-2 wages and UBIA under X. Repeat this for Y and Z.
Nowhere do I need to add the total manually for Code Z in any of the 4 K-1s, correct?
Thank you for the trouble! I just want to make sure I do not miss any steps.
